Ward told Cramer on Wednesday that the hedge funds seemed to have softened a bit on wanting him out, claiming, “They want to work with existing management,” he said.

What’s most important is “shareholder value creation,” Ward said. “Regardless of how the eventual board composition comes out, they have the same interests we do, which is to drive that value creation.”

While other industrial-based companies are struggling, CSX has been outperforming thanks to its exposure to key commodities markets, such as coal, phosphates, ethanol and grain. And some of the company’s contracts are due for renegotiations, which means higher prices for CSX. Overall, strong commodity demand is driving the business right now.

“That man has never let us down,” Cramer said of the CSX CEO. “I’m sticking with Ward.”